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Clients News & Successes Click on the links below to read the read the success story:
Congratulations to the 2006 TopCAT Nominees and Recipients Several current and past TechColumbus Incubator client companies were nominated for the 2006 TopCAT awards and three were recognized as winners in their respective categories, included J. Richard Schorr, president of MetaMateria Partners who received the Executive of the Year award for organizations with less than 50 employees. Here’s a list of the 2006 TopCAT nominees who have been or are currently involved with the TechColumbus Incubator. Outstanding Start-up CallCopy DIRAmed Go BIG Network Strategic Thinking Industries Outstanding Product of the Year (< 50 employees) Outstanding Service of the Year (<50 employees) Outstanding Technology Team (<50 employees) Outstanding Woman in Technology Executive of the Year (< 50 employees) OHIO TECH ANGEL FUND AND TECHCOLUMBUS TAKE CLEVEX ONE STEP CLOSER January 22, 2007 Ohio has a stellar reputation for excellence in medicine and medical device innovation, rating among the top performers in the nation in terms of growth. In 2005, more than $1.2 billion dollars were invested in biosciences throughout the state. Close to $98 million of that was invested by venture capital firms and angel investors. As 2007 opens the success of organizations like CleveX, Ltd. bode well for another big year. CleveX, a Columbus-based startup and Cleveland Clinic spin-out, develops and markets minimally invasive surgical devices for the dermatologic and cosmetic procedures where skin malignancies are suspected. With the investment round led by the Ohio Tech Angel Fund, and with consulting from TechColumbus, CleveX closed today on $1.65 million in first round funding to bring its premier surgical device to market. “The success of CleveX in this first funding round is really remarkable,” said Will Indest, vice president of capital access/formation at TechColumbus. “Most early stage funding tops out at half a million dollars. The CleveX offering was actually oversubscribed. The Ohio TechAngel Fund’s lead role was critical to the success of this raise.” The American Academy of Dermatology (AAD) estimates that over 24 million skin lesions were evaluated domestically in 2004; half of these were excised for further evaluation. CleveX has developed a specialized suite of surgical devices for the removal of moles and suspicious skin lesions for cosmetic, prophylactic or diagnostic purposes. The first device, ExiClip, offers several notable improvements over current excision procedures for both physicians and patients. ExiClip removes the lesion and closes the wound in one fast action in less time, at a lower cost and with less scarring than prevailing procedures afford, maintaining the integrity of the surrounding tissue and preserving the excision for biopsy. It is faster and easier for physicians to use, making both the procedure and the recovery time faster and easier for patients too. “ExiClip eliminates the tedious and time-consuming surgery-and-suture approach currently used to remove skin lesions,” explained CEO Gary Smith. “The technology, which was developed by surgeons based on their clinical experiences, makes earlier diagnosis of skin malignancies possible by moving the biopsy and excision procedure forward in the patient care pathway.” Having successfully completed a 35-patient clinical trial in Cincinnati,
CleveX expects FDA approval of ExiClip next month. NANOSTATICS LLC APPROVED TO RECEIVE $742,500 FROM INNOVATION
OHIO LOAN FUND The Ohio Department of Development announced this week The Development Financing Advisory Council (DFAC) approved loans and bond totaling more than $30 million for 15 Ohio economic development projects. The loans, which are pending State Controlling Board approval, are expected to create 1551 jobs and retain 726 positions. Circleville-based NanoStatics LLC (www.nanostatics.com) is slated to receive a $742,500 Innovation Ohio Loan Fund loan for costs associated with the acquisition of machinery and equipment to produce innovative high throughput electrohydrodynamic spinning (EHS) systems for use in the commercial and industrial production of nanomaterials. Electrospinning is an electrostatic process that produces continuous nanofibers from polymeric fluid streams (solutions or melts) when subjected to high electric fields. The fiber forms when the electric field force exceeds the surface tension of the fluid. A fiber develops, stretches and thins, and eventually deposits itself in a web-like form on a surface of the opposite charge. Each fiber is less than 1/200th the diameter of a human hair . The science of electrospinning has existed for 20 years but there has never been a commercially available process to bring the benefits of electrospinning to the market. NanoStatics is transferring the process successfully from lab-scale to commercial-scale with high-volume systems engineered for specific coating applications. NanoStatics developed a new technology, called electrohydrodynamic spinning (EHS) that allows the forming of nanofibers onto a substrate in a continuous web in a highly controlled process at uniquely high production rates. The NanoStatics process is an advanced manufacturing technology with a wide range of commercial applications and the capability to enable the production of new advanced categories of composite materials not available today in the scale necessary to serve larger markets. Founded in 2005, NanoStatics is currently leasing laboratory and office
space and operates a pilot plant at TechColumbus in the Business Technology
Center. The company proposes to purchase machinery and equipment to allow
for increased production. This $991,000 project is expected to eventually
create 29 jobs at the project site in Circleville within the first three
years of the project's initial operation. CENTRAL OHIO LANDS MORE MONEY FOR TECH STARTUPS Adding to the $6.8 million awarded in November, the Third Frontier Commission approved another $2 million for the Central Ohio Entrepreneurial Signature Program. As expected, the state has released this additional funding as a natural follow-on in the evaluation process. With local matching funds and more state awards expected in the spring of 2007, the total project will exceed $22 million. "This second award is great news for the people of Central Ohio,” said Ted Ford, President & CEO of TechColumbus, the lead applicant for the proposal. “These additional funds will enable us to find and develop more ideas for new tech-based companies here in Central Ohio. “ With more than $1 billion in research and development annually, Central Ohio has assets that would be the envy of most large US cities. In other regions with comparable assets, new tech based companies have emerged at a rapid rate, creating robust regional tech economies. These regions have enjoyed strong economic growth supported by new companies that can compete on a global scale and generate high wage jobs of the future. By comparison, the number of new tech companies emerging in Central Ohio has been modest. “Economic growth in the 21st century will come from turning knowledge into new technologies, companies and jobs,” explained Ford “This region has the knowledge, and this latest award will help us accelerate the creation of new tech companies and the high skill jobs they generate.” The Central Ohio program is intended to double the number of local businesses created, help develop and attract entrepreneurs to lead new companies, provide early stage investment to launch promising businesses, and develop additional space to incubate young companies. Central Ohio’s proposal was the result of a strong collaboration
with higher education, healthcare research centers, community organizations,
and area businesses. The creativity of the plan is reflected in the number
of partners involved, the reach of initiatives across the 15 county region,
and the breadth of industries and research sectors engaged. The Central Ohio ESP proposal requested a total of $15 million over three
years and was matched with $7.5 million in local funding. Because of the
complexity and innovative structure of some proposals, the Third Frontier
Commission has decided that evaluation should continue to allow the necessary
time to determine awards. It is expected that all awards will be made
in the Spring of 2007. This second award to TechColumbus represents just
one step in that process, and more news is expected between now and next
spring. CENTRAL OHIO AWARDED $6.8 MILLION TO CREATE NEW TECH BUSINESSES Monday, November 20, 2006 Central Ohio has received an initial award of $6.8 million under Ohio’s Third Frontier program to dramatically expand efforts to start new tech businesses in the region. The awards are part of the Third Frontier Entrepreneurial Signature Program funded in large part by the $500 million bond issue approved by voters in November 2005. "This award is great news for the people of Central Ohio,” said Ted Ford, President & CEO of TechColumbus, the lead applicant for the proposal. “New tech-based companies will create most of our new high-skill, high-wage jobs for decades to come. This award will help Central Ohio grow those companies and jobs here.” With more than $1 billion in managed research and development annually, Central Ohio has assets that would be the envy of most large cities in the US. In other regions with comparable assets, new tech based companies have sprung up at a rapid rate, creating robust regional tech economies. These regions have enjoyed strong economic growth supported by emerging companies that can compete on a global scale and generate the high wage jobs of the future. By comparison, the number of new tech companies emerging in Central Ohio has been modest. “We know that sustainable economic growth in the 21st century will come from turning knowledge into new technologies, companies and jobs,” Ford explained. “That's why we're working to create technology-based businesses that create new jobs and produce long-term economic prosperity. And that's why this grant is great news for Central Ohio." The Central Ohio proposal will double the number of local businesses created, help develop and attract entrepreneurs to lead new companies, provide early stage investment to launch promising businesses, and develop additional space to incubate young companies. Central Ohio’s proposal was the result of a strong collaboration
with higher education, healthcare research centers, community organizations,
and area businesses. The
The Central Ohio ESP proposal requested a total of $15 million over three years and was matched with $7.5 million in local funding. Because of the complexity of the proposals received from around the state, the Third Frontier Commission made partial awards now and will continue to evaluate proposals and decide on additional awards in the near future. “We responded to the state’s challenge to come up with a very innovative proposal by creating several initiatives that we and our partners believe will have major impact on the region,” commented Ford. “The state has been very complimentary about this new thinking and needs some more time to evaluate certain elements of the proposal. We’re confident that evaluation will result in further significant awards.” The Central Ohio ESP program is closely aligned with initiatives such as the 315 Research and Technology Corridor, the Central Ohio Innovation Center in Dublin, and the development of tech related initiatives in New Albany and the Rickenbacker area. TechColumbus works with the business community, the public sector, research institutions, and entrepreneurs to identify and advance technology-based economic initiatives, eliminate barriers to collaboration, and secure the financial and other resources needed to accelerate technology-driven economic development. Partners in Central Ohio’s Entrepreneurial Signature Program include: OhioHealth Columbus Children’s Research Institute THE BTC RECEIVES $1.1 MILLION TO EXTEND PLATFORM LAB'S CAPABILITIES In 2004, the BTC received a $1.1 million Third Frontier Wright Project Award from the state of Ohio to create four Platform Lab access points along the Third Frontier Network. The award allows for the convergence of key information technology test resources and the high-speed superstructure network at select sites, enabling academic, commercial and government organizations to troubleshoot distributed applications, optimize infrastructure requirements and conduct high-bandwidth stress test projects. The increase in number of locations and capabilities will permit more organizations to take advantage of this non-profit resource. "This resource is of great benefit to Ohio businesses and academic
institutions," said Dave Cattey, executive director of the Business
Technology Center. "More organizations now have the ability to take
advantage of the Platform Lab’s capabilities to test technology
projects and applications prior to deployment – reducing operation
and development costs and increasing the opportunity for successful implementations.
"Assisting hospitals to become HIPAA-compliant and financial institutions
to meet Sarbanes-Oxley requirements by testing disaster recovery plans,
or providing an academic researcher the capability to test the accuracy
of a weather forecasting system are examples of projects that might use
Ohio’s unique test network. BTC HELPS POSITION HTP FOR PHENOMENAL GROWTH Healthcare organizations had been moving, routing and translating data for a number of years when, in 1996, Dennis Swartzlander and Fred Richards decided they could fill a niche within the industry and founded HealthCare Transaction Processors Inc. (HTP). Based on their extensive experience as healthcare payer IT managers and software solution developers, the pair began developing specialized and highly efficient transaction management software. Today, HTP provides secure healthcare business process automation solutions to managed care organizations, third party administrators, public sector plans, providers and unions. The company saves clients time and money while helping them meet Health Insurance Portability& Accountability Act (HIPAA) requirements for secure transactions. PARTNERING WITH THE BTC According to Swartzlander, now chief executive officer for HTP, the BTC helped his company distill its business plan, develop its marketing strategy and manage its sales efforts. “The BTC provided the guidance we needed as an early stage company,” Swartzlander said. “BTC staff members helped us clarify our thinking and solidify our goals.” During the ensuing two years, the BTC provided HTP with access to partner resources while helping the company position itself to secure the capital it needed. Even though HTP never moved into the BTC facility and did not utilize its network for raising capital, the company became the beneficiary of the Ohio Biotech Fund, a $100,000 loan that was awarded in 2000 and turned into equity in 2001. Since 2000, HTP has also qualified for the State of Ohio Technology Investment
Tax Credit program, which grants equity investors certificates for Ohio
tax credits in an amount equal to 25 percent of their investment in HTP
stock. The company now has 12 outside shareholders, with all but two of
the investors taking advantage of this tax credit. In 2004, HTP was the
first recipient of the Innovation Ohio Fund loan for $750,000. The proceeds
will be used to assist in the development of an electronic system for
managing complex healthcare data. ESTABLISHING A PATTERN OF SUCCESS HTP graduated from the BTC in December, 2000 and has continued to build upon the momentum established during its two years as a BTC client. The company’s annual revenues have grown by more than 800 percent since 2000. During 2004, HTP exceeded 10 million monthly EDI healthcare transactions, serving customers such as Ohio Medicaid, Employee Benefits Management Corp., AultCare, Physicians Health Plan of Northern Indiana, Spectrum Administrators and Utah Health Information Network, among others. It also developed two new customer solutions — a community router that links healthcare payers and providers and a transaction manager solution designed to meet providers’ specific needs. HTP ranked 162 during its first year of eligibility on the prestigious Inc.500list of America’s fastest growing, privately-held companies, gaining distinction as the highest ranked central Ohio company and one of only 17 Ohio companies to make the list. The company also placed third on Business First’s annual Fast 50 list. The Columbus Technology Council named HTP Transaction Manager Outstanding Product of the Year in 2004. With HTP solely focused on one sector, Swartzlander feels the company
and its 35 employees are solidly positioned to continue its rapid momentum
in the healthcare business automation industry. While Swartzlander is
concentrating his efforts on the future, he will never forget the past
and the expertise provided by the BTC. entrotech BENEFITS FROM BTC FACILITY AND CONTACTS Establishing credibility among customers, vendors and others is a challenge for any young business. Jim McGuire, president of entrotech, said that moving into the Business Technology Center facility established a presence and confirmed entrotech's legitimacy. “We have customers and vendors from around the world that visit us,” McGuire said. “The architecturally designed, high-tech BTC facilities create a strong connection to our customers — especially our international and California-based customers. Our offices position us as a thriving business and instill a sense of confidence among our customers.” entrotech designs and manufactures high-technology films and film-based devices that are used in bio-medical, disk drive, electronic, aerospace and automotive applications. These films have one or more of the following properties: viscoelastic damping, rate controlling, breathable, gas generating, gas barrier, thermally conductive, electrically conductive, absorptive, adhesive and releasable. entrotech started its business at the BTC in 1999 after McGuire heard about the business technology incubator through his accounting firm. He said that during the past six years, his company has benefited from BTC staff members’ business management expertise and knowledge about sales and marketing. “Some people involved with the development of new technology consider the term ‘sell’ almost a dirty word,” McGuire said. “The BTC team showed us early on that marketing and selling our products is essential to our success. They also helped to keep us focused on spending more of our efforts on immediate opportunities that would lead to near term revenue.” McGuire added that the BTC provides access to vendors and city and state development personnel, as well as proximity to The Ohio State University’s research facilities. entrotech works closely with student-interns from OSU Departments of Chemistry, Chemical Engineering and the Fisher College of Business to develop technology and marketing plans . In the future, entrotech hopes to commercialize OSU-licensed technology and to increase its association with researchers at the university. With nearly $10 million in revenue during 2004, entrotech plans to graduate from the BTC within the next 12 months. Although entrotech will no longer be located within the BTC facility, McGuire said his staff hopes to secure space within the Scitech facilities so that they can continue to interact with the incubator’s clients. “I think we can help BTC clients and offer them opportunities just as other companies helped us in the past,” McGuire said. “If it wasn’t for the BTC facility and the support we received there, our company would not have been able to achieve the level of success we enjoy today.” BTC PROVIDES EXCERA MATERIALS GROUP WITH STRONG BUSINESS FOUNDATION The idea for producing ONNEX™, a patented composite material that blends ceramics and metals to provide a high-strength, lightweight product, was born when Michael Breslin, president and CEO of Excera Materials Group, was still a student at The Ohio State University during the late 1980s and early ‘90s. The concept began the transition into a viable commercial product in 1996 when Breslin realized the material had broad product application and was simple, inexpensive and relatively easy to produce. By that time, Breslin had also compiled a database of contacts who were interested in the technology. ONNEX has a thousand uses in a variety of industries—from improved ballistic armor to enhanced wear components and equipment for handling molten metals. “Too many researchers develop materials that are too expensive and difficult to produce,” Breslin said. “ONNEX had the qualities to be highly successful as an alternative product that could be manufactured and offered at a cost comparable to more traditional materials.” While Breslin had a potential product and market, he lacked the support he needed to move his business forward. Acting on a colleague’s advice, he submitted an application to the Business Technology Center and moved into the incubator’s facility in January 1997. Excera presently occupies office space within the BTC and operates a small manufacturing facility nearby. According to Breslin, exposure to people has been one of the greatest services the BTC has provided his company during the past eight years. “The BTC has a tremendous number of professionals who come through the facility on a regular basis,” Breslin said. “Because of this exposure, we were able to form important relationships with insurance representatives, accountants, attorneys and others who have been able to advise us on various aspects of our business.” Breslin added that sharing a facility with other technology companies helped give him and his staff different perspectives. “If we faced a specific challenge, we could find out how people at other companies had handled similar situations in the past,” Breslin said. Excera benefited indirectly from the BTC’s link with venture capitalists and the Ohio Department of Development. In 2003, the company received more than $1 million from venture capital firms to support and accelerate its commercialization. The Innovation Ohio Loan Fund approved a $964,000 loan in 2004 for the setup of Excera’s manufacturing operation to meet market demand. Since Excera moved into the BTC facility, the company has expanded from three employees to a full-time staff of 18, which is supplemented with part-time workers and outside contractors. The company will graduate from the BTC in 2005 and will move to a facility in Worthington that combines its office and manufacturing capabilities. While Breslin does not plan to maintain a formal relationship with the BTC after graduation, he credits the incubator with helping his company reach its present level of success. “I have seen companies with the greatest technology fail because they did not have the business savvy they needed to succeed,” Breslin said. “The BTC has provided Excera with a strong business foundation that has taken us from a company with a technology to a company that manufactures and markets a competitive, high tech product.” BTC MEETS START-UP NEEDS FOR INFRARED IMAGING SYSTEMS, INC. (IRIS) Startup companies have many needs. Besides lining up the financing and having the right product or service to market, emerging companies need a facility, an experienced support staff and networks of contacts. According to Dale Siegel, president of InfraRed Imaging Systems, Inc. (IRIS), his company fulfilled all of these needs at the Business Technology Center (BTC). IRIS is a privately held medical device company that has recently received FDA clearance to market a novel vascular imaging device. This first–to-market device provides images of peripheral veins and arteries, allowing doctors, nurses and other medical personnel to insert needles safely, accurately and efficiently into vessels. “The United States Department of Defense helped us develop the technology. This type of scan is less invasive and more portable that X-ray technology, which makes it especially applicable for diagnosing and treating soldiers who are injured in the field,”Siegel said. Once IRIS acquired the technology and began to develop and market products, the company needed a “home” for its operations. It moved into a 700-square-foot space within the BTC in 2001. IRIS looked to the BTC support staff for assistance in the beginning, Siegel said his company has come to also rely on the BTC infrastructure. “When people start up a company, they may not consider the importance of details such as telephone service, Internet access and furniture,” Siegel said. “But these elements are essential for a business to grow and succeed. IRIS, for example, uses the delivery services offered by the BTC almost daily.” Siegel added that having the opportunity to network with other businesses within the BTC has been a major advantage. IRIS is presently working with another tenant to develop a single-use, disposable product that will someday represent a significant portion of the company’s product line. The future for IRIS appears very bright. The company and its Arizona
electro-optics partner were recently awarded a $1.5 million Small Business
Innovation Research Grant from the National Institute of Health. Even
with so many successful milestone achievements, Siegel does not expect
his company to outgrow the BTC in the near future. |
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